Legislative Chamber of Oliy Majlis of Uzbekistan passed both laws on 23 November 2010 and Senate approved it on 3 December.

The law “On realtor activity” consists of 6 chapters and 28 articles. The document is aimed at regulating relations in realtor activity.

In line with the law, realtor activity is entrepreneurship activity of legal entities and individuals on rendering services, on contractual basis, related with singing of deals with real estate and rights to them.

Realtor activity is carried out only on the basis of license, issued by authorized state body. Cabinet of Ministers of Uzbekistan sets order of licensing of realtor activity.

Realtor activity can be carried out both by special organizations and private realtors. Realtor organizations cannot be founded by the state authorities or organizations.

Realtor organization is commercial organization, which possesses license. Realtor organization has at least two employees, who has qualification certificate, including realtor organization’s head. Realtor organization could conduct other types of activities.

In line with the law, realtor is individual person, working individual entrepreneur and possessing certificate and license. Realtor can receive license for rendering information and consulting services in real estate market.

According to the law, realtor organizations and realtors should possess insurance policy on their civil responsibility.

Realtor services are mediation at signing deals with real estate objects and rights to them, organization of trades with real estate objects and their rights, asset management, information and consultation services.

The second law includes realtor activity to list of activities, conducting of which requires license. Earlier, the realtor activity does not licensed and controlling and law enforcement bodies had no authority for limiting activity of realtors, who rendered low quality services.

Both laws will come into force after six months.